[Resolved] Exide Life Insurance — Policy Surrender Value is very less

Hi, I am a policy holder with Exide Life Insurance Company since year 2013 and it's "Secured Income Insurance Plan". My Montyly Premium is around Rs. 2201 which is paid in more than 3 Years premium amount (Monthly Basis). This is my 3.5 years I am paying my premium. When I inquired about the procedure to surrender my policy, they said that it's only 50% of my Premium Paid Amount i.e. around Rs. 49, 000. In simple words, I'll be losing 45% of my Premiums Paid. I don't know on what basis, Exide Life Insurance can take 45% of my money into their pocket. The customer care executives also repeat the same answer what they see on their system(s). As per law, after Locking Period, I should be getting at least my Premium Paid Amount (if not bonus) but they are excluding the accrued bonus Rs. 32500 and also assuring only 50% of my paid amount. If I had paid my Income Tax I'd have at least saved Rs.90, 000 in my taxable income. So, I have consulted my lawyer and working on to file the RTI petition and also to reach out to RBI to get justification on this issue.
Thanks
Nagaraj
Policy No: 02806017

Complaint marked as ResolvedJun 9, 2017

Complaint Status

[Apr 04, 2017] Exide Life Insurance customer support has been notified about the posted complaint.

Verified Support

Exide Life Insurance Customer Care's response, May 09, 2017Dear Mr. Nagaraj, we sincerely regret the inconvenience. We noted your policy details. we request you to please share your contact detail at [email protected], so that we can connect with you on this.